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We have gained permission for limited New Year travels: deputy tourism minister

Iran’s Cultural Heritage, Tourism and Handicrafts Ministry has gained official permission for organizing limited intercity travels during the Iran New Year vacations, which begins on March 21. “We have obtained permission for limited Noruz trips from the National Headquarters for Coronavirus Control,” the deputy tourism minister, Vali Teymouri, announced on Tuesday. With less than a month to go till the start of the Iranian New Year, which has long been associated with millions of domestic travels, the ministry wants to find a way to partially revive the already-slumped travels in the face of the COVID-19 pandemic. “The tourism ministry has held several meetings with the National Headquarters for the Coronavirus Control during with we discussed the issues in detail. Based on our strategies, we proposed two travel models that can be implemented following health protocols in the country,” Teymouri said last week. The first [working] model for travels in the Iranian New Year, proposes travels by the means of package tours. “Throughout package tours, travelers benefit from services provided by the tour and they will stay in authorized accommodation centers [and destinations] which are under the supervision of the Ministry of Cultural Heritage, Tourism and Handicrafts,” the official explained. For the second model, people do not go on tours, but when traveling to their destination city, they must stay in authorized accommodation centers, which are under the supervision of the ministry, to comply with all health protocols and maintain public health, Teymouri stated. Any other form of accommodation would be prohibited to curb the virus, he said. “To help prevent the spread of the coronavirus in Noruz 1400, the establishment of tourist camps, camping, tourists staying in places such as schools, shrines, husseiniyahs, etc. is prohibited, and this issue has been announced to the provincial governors.” The arteria of Noruz travels is expected to be announced in detail during the upcoming exhibition for tourism and handicrafts, which will be held in near future, according to the official. The tourism minister, Ali-Asghar Mounesan, publicized in November that mass, unplanned travels are not approved. “The outbreak of the coronavirus has caused damage to the tourism industry in Iran and [other parts of] the world in such a way that according to statistics, 50 million people are directly and indirectly exposed to unemployment due to the virus spread in the global scene…. yet, mass or unplanned and irresponsible travels are not approved to take place during the coronavirus era.” Smart and responsible traveling should replace "do not travel” recommendations, the minister stressed, adding: “In our country, Corona has caused problems in the tourism industry and the worrying point is the continuation of this trend.” “We are well aware of what the National Headquarters for Coronavirus Control proclaims [the health protocols], hence as a proposal, we have formulated some smart, responsible travel packages by the implementation of which we could have secure travels,” the minister said. He has repeatedly announced that his ministry is in full coordination with the Ministry of Health for strictly implementing health protocols in travel destinations, hospitably centers, and museums, amongst others, underlining that “people’s health is our priority.” Iranians traditionally make hundreds of thousands of domestic trips during the New Year holidays, when most businesses and workplaces are closed, as are schools.

Create: Feb 24, 2021 Edit: Feb 24, 2021 Regional News

Virus causes $5.2 billion damage to Iran’s tourism, minister says

Iran’s tourism industry has suffered a loss of some 220 trillion rials (about $5.2 billion at the official exchange rate of 42,000 rials per dollar) since the outbreak of the coronavirus pandemic, Cultural Heritage, Tourism, and Handicrafts Minister said on Tuesday. “Iran’s tourism has suffered some 220 trillion rials due to corona pandemic so far…. and we hope that with the production of domestic vaccines, tourism will flourish in 1400 [the new Iranian calendar year which begins on March 21],” Ali-Asghar Mounesan said. He made the remarks during the opening ceremony of Tehran’s international tourism and handicrafts fair, which is currently underway at Tehran Permanent International Fairgrounds. “We hope that the widespread vaccine would bring prosperity to all branches of tourism such as agritourism, ecotourism, and nature tourism,” the minister said. “Over 1.5 million jobs have been lost in the tourism sector of Iran due to the COVID-19 disease…. Many of the tourism-insiders are now unemployed or they are staying at home,” Mounesan announced last December. The government had previously allocated a total of 500 trillion rials (about $12 billion) to the corona-affected sectors, of which 200 trillion rials ($4.7 billion) will be given to the health ministry and the rest will be spent on other sectors, he explained. Last month, the minister announced that the national budget bill for the next calendar year (starting on March 20) has proposed 70 trillion rials (about $1.7 billion) to support tourism businesses affected by the coronavirus pandemic. If the budget receives parliament’s approval, it will be injected into different sectors of the tourism industry, which has taken a major hit from the coronavirus outbreak over the previous months, he noted. Despite the toughest economic pressures and sanctions, the government has provided good support to all sectors of tourism, the minister said. However, there is hope that the beginning of mass vaccination against the coronavirus will provide better conditions for tourism and businesses related to this sector, he explained. Government’s care and support packages In late October, the deputy tourism minister, Vali Teymouri, announced that a new support package to pay loans to businesses affected by the coronavirus pandemic has been approved. Depending on the type and activity of the businesses, they could benefit from at least 160 million rials ($3,800) to nine billion rials ($214,000) of bank loans with a 12-percent interest rate, he said. The loans will be allocated to tourist guides, travel agencies, tourism transport companies, tourism educational institutions, eco-lodges and traditional accommodations, hotels, apartment hotels, motels, and guesthouses as well as traditional accommodation centers, tourism complexes, and recreational centers, the official explained. Teymouri pointed to the 1.3 million tourism workers in the country, who are facing several issues due to the coronavirus crisis, and said “This number, in addition to their households, includes a significant population that makes a living through tourism, who are needed to be considered in ministry’s decisions.” Teymouri has said that the tourism ministry has approved a total budget of 4,920 billion rials (over $117 million) to support corona-affected tourism businesses, covering as much as 36,000 people working in the tourism sector.

Create: Feb 24, 2021 Edit: Feb 24, 2021 Regional News

Accor Partners With Twenty14 Holdings to Open the Pullman Downtown Dubai

Twenty14 Holdings, an Abu Dhabi-based hospitality company that owns assets throughout the globe has partnered with Accor, a world-leading augmented hospitality group, to open a new Pullman in one of the most sought-after locations in Dubai, Business Bay. “We are pleased to partner with Accor and be part of their strong footprint and network in the region,” said Adeeb Ahamed, Managing Director of Twenty14 Holdings. “Pullman is aligned with our expectations and vision as an asset owning company, and with Accor’s loyalty program and management expertise, we are confident that guests at our property will get to experience the best of global hospitality.” Located in Business Bay, the hotel offers stunning views of the Dubai Canal, the Dubai Skyline and the iconic Burj Khalifa. Business Bay is near Dubai International Financial Center (DIFC), as well as the Dubai International Convention & Exhibition centre. Talking about the partnership, Mark Willis, CEO of Accor Turkey, India, Middle East & Africa, said, “We are very proud to finally partner with Twenty14 Holdings. There is no doubt that this property is set to become a flagship for the Pullman in Dubai due to its ideal fit with the brand.” The hotel features 353 rooms and suites, as well as a ballroom, two meeting rooms, a private boardroom, a club lounge, a spa, fitness facilities with sauna and steam rooms, a squash court, a lop pool, a children’s pool, and outdoor Jacuzzi. In addition, Accor and Twenty14 Holdings are working closely to develop the dining offering at the hotel with six “in-trend” and well-designed dining experiences.

Create: Feb 24, 2021 Edit: Feb 24, 2021 International News

Tourism minister honors exemplary crafters, artisans

Iranian tourism minister Ali-Asghar Mounesan and his deputy for handicrafts, Pouya Mahmoudian, honored some exemplary crafters and artisans on Saturday. Behruz Zarindashti in ceramic and Sara Hedayat in costume designing received Silver Cypress, during the closing ceremony of the 5th Fajr national handicrafts festival, one of Iran’s major crafts shows held in the National Museum of Iran. Furthermore, Zeinab Masudi in illumination, Abbas Jalalikia in woodwork, Saru Moqerchian in metalwork, and Vajiheh Sadat Jalali in woodcarving received honorable mentions, according to organizers. Two the recently-deceased veteran crafters; Ahmad Shishegar, who was a master of tilework, and Amir Saeim, a master of toreutics, were honored posthumously during the ceremony, which was attended by tens of artists, crafters, and cultural officials as well. Over 150 crafters practicing different fields of handicrafts participated in this edition of the festival, of which several were honored during the ceremony. This edition of the festival, which brings together works from all over the country and is a venue for showcasing tens of ancient and modern Iranian handicrafts, was held entirely online due to the coronavirus outbreak. The event showcased woodwork, illuminated manuscript, miniature, textile printing, enamel, leatherwork, calligraphy, metalwork, mirrorwork, and marquetry, among others. It also featured potteries, ceramics, personal ornamentation, rugs, and kilim carpets. With 14 entries, Iran ranks first globally for the number of cities and villages registered by the World Crafts Council, as China with seven entries, Chile with four, and India with three ones come next. In January 2020, the cities of Shiraz, Malayer, and Zanjan and the village of Qassemabad were designated by the WCC- Asia Pacific Region, putting Iran’s number of world crafts cities and villages from ten to 14. Shiraz was named a “world city of [diverse] handicrafts”. Malayer was made a global hub for woodcarving and carved-wood furniture. Zanjan gained the title of a “world city of filigree”. And Qassemabad village, which is nationally known for its traditional costumes, was also promoted to a world hub of handicrafts. Chador Shab, a kind of homemade outer-garment for women, was, however, the main subject for the WCC assessment for the village. Iran exported $523 million worth of handicrafts during the calendar year 1398 (ended March 19, 2020). Of the figure, some $273 million worth of handicrafts were exported officially through customs, and about $250 million was earned via suitcase trade (allowed for customs-free and tax-free transfer) through various provinces, according to data provided by the Ministry of Cultural Heritage, Tourism and Handicrafts. Ceramics, pottery vessels, handwoven cloths as well as personal ornamentations with precious and semi-precious gemstones are traditionally exported to Iraq, Afghanistan, Germany, the U.S., the UK, and other countries.

Create: Feb 22, 2021 Edit: Feb 22, 2021 Regional News

Iran’s largest beach park to be built in Kish

The country’s largest beach park is planned to be established in the Persian Gulf island of Kish, southern Iran. Hundreds of hectares of coastal lands on Kish Island have been ratified to be turned into a beach park, which would be the largest of its kind in the country, the CEO of Kish Civil, Water, and Urban Services Abolfazl Tayyebi said on Saturday. One of [public] benefits from the implementation of this project is that some 388,000 square meters of valuable beaches will not be ceded to the private sector, the official added. In many cities and countries of the world, nowadays, most of the beaches are owned by individuals and the private sector, and due to construction near the sea, they are out of reach of people and tourists, the official explained. With such a project and establishing facilities for the public on the island’s coastline, no one could encroach on this precious treasure that belongs to all Iranians, he noted. Amongst the Persian Gulf islands, Kish is the more luxurious and developed. Except for its unique nature such as waters and shallow beaches, the tourist attractions of this charming island are due to its rich historical background as well as kind and hospitable people. About one million foreign and domestic tourists travel to the island every year and it is one of the most popular tourist destinations in Iran as it has magnificent attractions such as Kariz Underground City, Harireh Ancient City, Greek Ship, and Grand Recreational Pier to name a few.

Create: Feb 21, 2021 Edit: Feb 21, 2021 Regional News

Transforming Tourism: UNWTO Global Startup Competition Winners Announced

Startups from around the world have been recognized for their unique contributions to sustainable and responsible tourism in the UNWTO SDGs Global Startup Competition. The competition, which was supported by the United Nations Innovation Network, attracted some 10,000 initial proposals. From these, the jury chose 25 winners from 18 countries, highlighting the array of tourism talent in every global region and its widespread ability to contribute to the Sustainable Development Goals (SDGs). Shortlisted finalists were judged according to criteria which included the potential of the startups to contribute to a specific Goal, their ability to be scaled-up and the maturity of both the product and the team behind it. The 25 winning startups, selected by a jury made up of leaders from across the tourism sector, offer distinct solutions for advancing the SDGs. The Americas led the way in submitting winning proposals, with nine of the competition winners coming from the region. Europe provided eight winners, Asia and the Pacific six, and Africa and the Middle East one winner each. Potential for a better future“The winners show the power of new ideas for transforming our sector”, said UNWTO Secretary-General Zurab Pololikashvili in recognizing tourism’s potential to contribute to all Sustainable Development Goals. He added: “By embracing innovation, we can realise this potential and build a better future for people and planet through tourism. I congratulate them all and look forward to seeing these startups grow and deliver positive change.” Lisandro Menu-Marque, Director-General of International Business Development for Globalia and Wakalua said: "The take-off of post-Covid tourism is moving closer and closer. The implementation of many of the innovative solutions, which have been brought us entrepreneurs from all over the world, will be part of this. The collaboration of institutions, governments and corporations will help host and scale up many of these projects through the Wakalua Hub, to make tourism a much more sustainable, responsible and socially impactful sector, all with the support of the UNWTO.” Globalia is a key ally of UNWTO in its shift to lead the positive transformation of the sector, working together to identify and promote innovation through several competitions over recent years. Support and GuidanceThe winning startups will now be given expert support and backing to develop further, including through guided mentorship programmes from Amadeus, Google, IE University and FarCo, and tailored mentorship sessions from Mastercard and ClarkeModet. The winners will also be invited to take part in a pitching event, to be hosted by Wakalua within the framework of Spain’s International Tourism Fair (FITUR). Another pitching event will take place at the Tourism Tech Adventures Forum, due to be held in Qatar in collaboration with Qatar Airways and Qatar National Tourism Council, another partner for the project. Furthermore, the winners will benefit from access to all UNWTO’s collaborators for the competition, opening the door for potential game-changing pilots and networking opportunities with Amazon Web Services, Globant, BBVA, the Inter-American Development Bank (IDB) and IDB Lab, Telefonica, Plug and Play, the Advanced Leadership Foundation, Impact Hub, mentorDay and the destination partners for the Competition.

Create: Feb 21, 2021 Edit: Feb 21, 2021 International News

Foreign arrivals to Iran plunge 94 percent in face of virus

The number of foreign visitors to Iran plunged 94% in the first nine months of the current Iranian calendar year (started March 20, 2020), from a year earlier, government data showed on Wednesday, as the coronavirus pandemic takes a heavy toll of the tourism industry. “Some 450,000 foreign travelers arrived in Iran for mainly medical or trade purposes during the first nine months of the year… tightened measures to tackle the new coronavirus has reduced international travel to the country by 94 percent,” Vali Teymouri, the deputy tourism minister, announced on Wednesday. The global tourism industry has been plagued by the outbreak of the coronavirus for more than a year, which is a record in the history of this industry, the official noted. In an interview with the Tehran Times, the official noted: “We need to revise marketing strategies, and to redefine tourism products by paying great attention to nature tours, rural tourism, and ecotourism, agricultural tourism as a tool to empower local communities and travel businesses.” The coronavirus epidemic has ruined more than 1.5 million jobs in Iran’s travel sector, tourism minister Ali-Asghar Mounesan said in December. “Over 1.5 million jobs have been lost in the tourism sector of Iran due to the COVID-19 disease…. Many of the tourism-insiders are now unemployed or they are staying at home,” Mounesan said. The county’s travel sector has suffered a loss of 140 trillion rials (some $3.3 billion at the official rate of 42,000 rials) since the outbreak of the coronavirus pandemic till the end of Shahrivar (Sep. 21), the official added. Mounesan publicized last November that mass, unplanned travels are not approved, adding: “The outbreak of the coronavirus has caused damage to the tourism industry in Iran and [other parts of] the world in such a way that according to statistics, 50 million people are directly and indirectly exposed to unemployment due to the virus spread in the global scene…. yet, mass or unplanned and irresponsible travels are not approved to take place during the coronavirus era.” Smart and responsible traveling should replace "do not travel” recommendations, the minister stressed, adding: “In our country, Corona has caused problems in the tourism industry and the worrying point is the continuation of this trend.” Tourism [industry of Iran] was growing before the corona [outbreak], its revenues reached $11.7 billion in 2019, which accounted for 2.8% of GDP, near the average share of tourism in the world GDP, which was 3.2 percent, the minister explained. He said 8.7 million foreign nationals visited Iran during the past [Iranian] year (1398), adding that Iran was ranked as the second fastest-growing country in tourism based on data compiled by the World Tourism Organization. “On the onset of coronavirus, tourism faced a sharp decline in the world including our country. So that in the first three months of the current [Iranian] year the number of foreign tourists dropped to 74 --- it was reached almost zero!.”

Create: Feb 20, 2021 Edit: Feb 20, 2021 Regional News

Persian New Year: tourism ministry proposes models for domestic travels

With a month to go till the start of the Iranian New Year, which has long been associated with millions of domestic travels, the Iranian tourism minister wants to find a way to partially revive the already-slumped travels in the face of the COVID-19 pandemic. “The tourism ministry has held several meetings with the National Headquarters for the Coronavirus Control during with we discussed the issues in detail. Based on our strategies, we proposed two travel models that can be implemented following health protocols in the country,” ISNA quoted Vali Teymouri, the deputy tourism minister, as saying on Thursday. The first [working] model for travels in the Iranian New Year, proposes travels by the means of package tours. “Throughout package tours, travelers benefit from services provided by the tour and they will definitely stay in authorized accommodation centers [and destinations] which are under the supervision of the Ministry of Cultural Heritage, Tourism and Handicrafts,” the official explained. For the second model, people do not go on tours, but when traveling to their destination city, they must stay in authorized accommodation centers, which are under the supervision of the ministry, to comply with all health protocols and maintain public health, Teymouri explained. Any other form of accommodation would be prohibited to curb the virus, he said. “To help prevent the spread of the coronavirus in Noruz 1400, the establishment of tourist camps, camping, tourists staying in places such as schools, shrines, husseiniyahs, etc. is prohibited, and this issue has been announced to the provincial governors.” The arteria of Noruz travels is expected to be announced in detail during the upcoming exhibition for tourism and handicrafts, which will be held in near future, he said. Cultural Heritage, Tourism and Handicrafts Minister Ali-Asghar Mounesan publicized in November that mass, unplanned travels are not approved. “The outbreak of the coronavirus has caused damage to the tourism industry in Iran and [other parts of] the world in such a way that according to statistics, 50 million people are directly and indirectly exposed to unemployment due to the virus spread in the global scene…. yet, mass or unplanned and irresponsible travels are not approved to take place during the coronavirus era.” Smart and responsible traveling should replace "do not travel” recommendations, the minister stressed, adding: “In our country, Corona has caused problems in the tourism industry and the worrying point is the continuation of this trend.” “We are well aware of what the National Headquarters for Coronavirus Control proclaims [the health protocols], hence as a proposal, we have formulated some smart, responsible travel packages by the implementation of which we could have secure travels,” the minister said. He has repeatedly announced that his ministry is in full coordination with the Ministry of Health for strictly implementing health protocols in travel destinations, hospitably centers, and museums, amongst others, underlining that “people’s health is our priority.” Tourism [industry of Iran] was growing before the corona [outbreak], its revenues reached $11.7 billion in 2019, which accounted for 2.8% of GDP, near the average share of tourism in the world GDP, which was 3.2 percent, the minister explained. Iranians traditionally make hundreds of thousands of domestic trips during the New Year holidays, when most businesses and workplaces are closed, as are schools.

Create: Feb 20, 2021 Edit: Feb 20, 2021 Regional News

206 tourism projects put into operation in Tehran

Iranian tourism minister Ali-Asghar Mounesan on Tuesday inaugurated 206 tourism-related projects in Tehran province through a video conference. The tourism infrastructure of Tehran province is essentially needed to be developed due to its political and commercial importance, IRNA quoted the minister as saying during the inauguration ceremony. The projects, which include hotels, apartment hotels, eco-lodge units, tourist complexes, boutique hotels, traditional restaurants, travel agencies, and handicrafts workshops, are estimated to generate 936 jobs. Furthermore, the mentioned projects will be adding 816 beds to the hospitality sector of the Iranian capital. Establishing more eco-lodges as well as different types of accommodation centers could facilitate traveling and staying in this metropolis, the minister said. Referring to the outbreak of the coronavirus and the problems and issues it has caused to the travel sector, Mounesan noted that smart travels under the supervision of the tourism and health ministries is the only way to overcome the current situation. Hugging the lower slopes of the magnificent, snowcapped Alborz Mountains, Tehran is much more than a chaotic jumble of concrete and crazy traffic blanketed by a miasma of air pollution. This is the nation's dynamic beating heart and the place to get a handle on modern Iran and what its future will likely be. The metropolis has many to offer its visitors including Golestan Palace, Grand Bazaar, Treasury of National Jewels, National Museum of Iran, Glass & Ceramic Museum, Masoudieh Palace, Sarkis Cathedral, Tehran Museum of Contemporary Art, Carpet Museum of Iran, to name a few. The first time Tehran is mentioned in historical accounts is in an 11th-century chronicle in which it is described as a small village north of Ray. It became the capital city of the Seljuk Empire in the 11th century but later declined with factional strife between different neighborhoods and the Mongol invasion of 1220.

Create: Feb 20, 2021 Edit: Feb 20, 2021 Regional News

Egypt: Tourism companies liquidate assets to stay afloat

Egyptian tourism agencies are being forced to sell their assets in an attempt to stay afloat as a result of the drop in sales due to the global coronavirus pandemic, the head of the tourism and aviation division at the Alexandria Chamber of Commerce announced yesterday. Hossam El-Helou told local media that some of the companies had resorted to selling their assets at "any possible price as financial pressures increase." The country's tourism ministry recently said that it had allocated three billion Egyptian pounds ($192.1 million) in loans for business owners suffering from the implications of the pandemic, granting a "maximum of 30 million pounds [$1.9 million] to businessmen with one company", while lending "up to 40 million pounds [$2.56 million] for businessmen who own multiple firms." The ministry explained that the move had come due to the "continuation of the global crisis", noting that the loan was set at a five per cent interest "so business owners could retain their workers and pay their salaries." So far, a total of 174,426 people have contracted COVID-19 in Egypt, 10,050 of whom have died, and 135,349 others have recovered, according to Worldometer.

Create: Feb 17, 2021 Edit: Feb 17, 2021 International News

Wyndham Hotels & Resorts Reports Fourth Quarter and Full-Year 2020 Results

Wyndham Hotels & Resorts (NYSE: WH) today announced results for the three months and year ended December 31, 2020. Highlights include: Diluted loss per share for the quarter was $0.08 and adjusted diluted earnings per share was $0.07; diluted loss per share for the full-year was $1.42 and adjusted diluted earnings per share was $1.03. Net loss for the quarter was $7 million and adjusted net income was $7 million; net loss for the full-year was $132 million and adjusted net income was $96 million. Adjusted EBITDA was $56 million for the quarter and $327 million for the full-year. Global comparable RevPAR for the quarter declined 33% year-over-year; global comparable RevPAR for the year declined 35% year-over-year. System-wide rooms declined 4% year-over-year. Net cash provided by operating activities for the full-year was $67 million and free cash flow was $34 million. Paid quarterly cash dividend of $0.08 per share in fourth quarter, and Board of Directors recently authorized a 100% increase in the quarterly cash dividend to $0.16 per share beginning with the dividend expected to be declared in first quarter 2021. Repaid all remaining revolver credit facility borrowings. “We generated strong adjusted EBITDA and free cash flow in the worst year our industry has ever experienced. At the same time, we strengthened our portfolio with the completion of our strategic termination plan and drove sequential growth in hotel openings and our development pipeline,” said Geoffrey A. Ballotti, president and chief executive officer. “Our non-urban, drive-to economy and midscale hotels, combined with our ongoing investment in sales and marketing, captured rising pent-up leisure travel demand, which continued to produce sequential RevPAR improvements and domestic market share gains for our franchisees over the course of 2020.” Fourth Quarter 2020 Operating Results Revenues declined from $492 million in the fourth quarter of 2019 to $296 million in the fourth quarter of 2020. The decline includes lower pass-through cost-reimbursement revenues of $70 million, which have no impact on adjusted EBITDA, in the Company’s hotel management business. Excluding cost-reimbursement revenues, revenues declined $126 million primarily reflecting a 33% decline in comparable RevPAR and the impact from hotels temporarily closed due to COVID-19, as well as a $15 million decline in license and other fees also reflecting the impact of COVID-19 on travel demand globally. The Company generated a net loss of $7 million, or $0.08 per diluted share, compared to net income of $64 million, or $0.68 per diluted share, in the fourth quarter of 2019. The decrease of $71 million, or $0.76 per diluted share, was primarily due to the RevPAR and license fee declines, as well as excess marketing fund spend, which were partially offset by cost containment initiatives, lower volume-related expenses and the absence of transaction-related expenses. Full reconciliations of GAAP results to the Company’s non-GAAP adjusted measures for all reported periods appear in the tables to this press release. Full-Year 2020 Operating Results Revenues declined from $2,053 million in 2019 to $1,300 million in 2020. The decline includes lower pass-through cost-reimbursement revenues of $273 million, which have no impact on adjusted EBITDA, in the Company’s hotel management business. Excluding cost-reimbursement revenues, revenues declined $480 million primarily reflecting a 35% decline in comparable RevPAR and the impact from hotels temporarily closed due to COVID-19, as well as a $47 million decline in license and other fees also reflecting the impact of COVID-19 on travel demand globally. The Company generated a net loss of $132 million, or $1.42 per diluted share, in 2020 compared to net income of $157 million, or $1.62 per diluted share, in 2019. The decline of $289 million, or $3.04 per diluted share, was primarily due to the revenue decline, impact of the non-cash impairment charges and excess marketing fund spend, which were partially offset by cost containment initiatives, lower volume-related, separation-related and transaction-related expenses and the absence of contract termination expenses. Full reconciliations of GAAP results to the Company’s non-GAAP adjusted measures for all reported periods appear in the tables to this press release.

Create: Feb 13, 2021 Edit: Feb 13, 2021 International News

Tourism projects worth $5.9b underway in Mazandaran

A total of 250 tourism-related projects worth 250 trillion rials ($5.9 billion at the official exchange rate of 42,000 rials per dollar) are being implemented across the northern Iranian province of Mazandaran. On Thursday, Seifollah Farzaneh, the provincial tourism chief, called on potential private investors to help fund the [unfinished] projects to have them implemented ahead of the schedule. “We expect all banks [and potential private investors] to come to the fore to help complete those projects, which are under construction and semi-finished.” This way a large number of native young people will be gaining employment opportunities when these projects are completed, the official said. Elsewhere in his remarks, the official pointed to several tourism projects recently inaugurated across the lush green province. Although the province’s tourism sector is struggling with different problems and issues due to the outbreak of the coronavirus, 23 tourism-related projects were inaugurated across the province on the occasion of Fajr celebrations (Jan. 31- Feb. 10, marking the victory anniversary of the Islamic Revolution), he said. Worth 3.2 trillion rials ($76 million), the recently-inaugurated projects included a 20-room hotel and 22 eco-lodge units, which are expected to create 129 job opportunities for the locals, he explained. Minister of Cultural Heritage, Tourism and Handicrafts Ali-Asghar Mounesan announced in August 2020 that Iran’s travel sector had suffered a loss of 12 trillion rials (some $2.85 billion) since the outbreak of the coronavirus pandemic, however, he mentioned that all the tourism businesses across the country would have the capacity to fully resume their activities both in domestic and foreign markets. “Many tourism projects have been completed, or are being implemented, showing that a very good capacity has been created in the field of tourism in the country and [this trend] should not be stopped,” the minister stated. Mounesan added 2,451 tourism-related projects worth 1,370 trillion rials (around $32 billion) are being implemented across the country that signals a prosperous future for Iran’s tourism sector. The tourism minister also said the coronavirus pandemic should not bring traveling to a complete standstill. “Corona is a fact, but can the virus stop tourism? Certainly not. For us, the coronavirus is a new experience in dealing with crises that teaches tourism experts around the world how to deal with such a disaster, and thankfully governments are turning this into an opportunity for better planning.” Iran expects to reap a bonanza from its numerous tourist spots such as bazaars, museums, mosques, bridges, bathhouses, madrasas, mausoleums, churches, towers, and mansions, of which 24 being inscribed on the UNESCO World Heritage list. Under the 2025 Tourism Vision Plan, it aims to increase the number of tourist arrivals from 4.8 million in 2014 to 20 million in 2025. The latest available data show eight million tourists visited the Islamic Republic during the first ten months of the past Iranian calendar year (started March 21, 2019).

Create: Feb 13, 2021 Edit: Feb 13, 2021 Regional News